Country Group Development (CGD) is a real estate company with two core businesses: first as a real estate developer of integrated developments across multiple industry segments and second, a real estate investment business that targets off market opportunities with significant value-add potential. Our purpose is to deliver built environments that enrich lives and provide enduring joy.
| 2023 | 2022 | 2021 | 2020 |
|---|
| Revenues | 4,597.32 | 6,248.62 | 3,536.90 | 3,580.32 |
| Expenses | 3,320.49 | 4,645.87 | 2,230.16 | 3,460.18 |
| Net Profit (Loss) | 72.72 | 229.95 | -1,057.25 | -360.07 |
| Assets | 17,063.37 | 18,471.71 | 21,563.84 | 26,912.02 |
| Liabilities | 12,458.10 | 14,188.41 | 17,514.89 | 22,271.31 |
| Shareholders' Equity | 4,277.55 | 4,151.18 | 4,086.97 | 4,315.94 |
| Operating | 2,127.14 | -186.99 | -4,919.23 | 1,140.80 |
| Investing | 861.70 | 1,209.28 | 6,200.77 | 654.58 |
| Financing | -1,809.58 | -90.51 | -753.38 | -1,705.60 |
| EPS (Baht) | 0.01 | 0.03 | -0.13 | -0.04 |
| GP Margin (%) | 41.83 | 41.71 | 49.47 | 50.90 |
| NP Margin (%) | 5.59 | 6.17 | -40.69 | -11.35 |
| D/E Ratio (x) | 2.71 | 3.31 | 4.33 | 4.80 |
| ROE (%) | 1.73 | 5.58 | -25.16 | -8.01 |
| ROA (%) | 7.19 | 7.99 | 2.71 | 1.18 |
CGD’s plans for 2024 includes the launch of the integrated development featuring a residential component and an international school in the heart of Rama III. Bonds Rama 3, a 50-story luxury residential tower, is an exemplary of modern-day luxury living for families with over 10,000 sqm of family-oriented amenities. An urban sanctuary designed to nurture this generation and inspire the next. Our international school campus comprising six buildings, designed to accommodate up to 1,700 students, with operations expected to commence in the 2025 academic year.
Construction has commenced on the international school and combined, the integrated development has a project value of THB 16,000 million.
We plan to close out our flagship, Four Seasons Private Residences Bangkok, a 73-story super luxury residence exemplifying waterfront living at its finest, and forms part of the Chaophraya Estate. Other projects remain under development.
At CGD, Our passion for creating positive impact and sustainable growth resonates within every team member. Our collective efforts shape a better society and this year we’re thrilled to introduce Corporate Social Responsibility (CSR) program, “CGD Care & Share”. With CGD Care & Share, we wholeheartedly embrace this conviction, understanding that when we care, we naturally want to share.
CGD Care & Share program focuses on enriching lives through meaningful educational projects; environmental initiatives that inspire a better Bangkok for the next generation; and community engagement to ensure the impact of our projects go beyond its boundaries. Current program initiatives include our continued support and engagement with communities along the Chao Phraya River; educational focused initiatives include our annual scholarship program with select schools.
The landscape of 2023 presents an array of challenges and opportunities that tested our resilience and determination. Despite the headwinds, CGD remained resolute in our fiscal strategy this year continuing to turn a profit, manage costs and interest-bearing debt ratio levels to an all-time low while we unveil a number of exciting new projects and continue to seek enforcement of award for material cases under litigation.
Four Seasons Private Residences Bangkok continues to deliver in 2023 with sales of nearly THB 4 billion.
May of 2023 marks the commencement of construction for our next iconic integrated development (an international school and a 50 storey luxury residence tower) sprawling 23-rai or 9.1 acres situated in the heard to Rama 3 for true coveted inner-city living.
Across shores, we are pleased to announce both the successful opening of Oxford International College Brighton, the second campus for the UK’s leading Sixth Form school after signing a long-term lease with Nord Anglia Education, one of the world’s largest leading premium international school organizations. This Ovingdean, Brighton property was subsequently divested to Schroder Recap SSF Trustees and underscores the company's focus in the education sector.
Furthermore, we are excited to unveil our development plans for our strategic 80 rai landbank in central Chachoengsao later in 2024.
CGD continues to focus on Profitability and Debt Management. For the year ended December 31, 2023, the company reported a net profit of THB 256.8 million and interest bearing debt ratio continue to drop to 1.1 times. The company reported revenues from condominium sales of Baht 4.0 Billion with gross profit margin at 41.9%.
The successful hotels divestment significantly reduces debt and finance costs obligation of the company. The appropriate level of debt will help company to emerge with a bolstered financial position, and lay down a good foundation for future business expansion. Currently, the Interest Bearing Debt to Equity ratio of the company is 1.1 times, down from 1.8 times at the end of year 2022. Total debt to total equity ratio also reduced from 3.3 times at the end of 2022 to 2.7 times at December 31, 2023.
The Company prioritizes managing risks that significantly impact its operations, ensuring they remain controllable and acceptable. The primary risks include:
- Revenue Recognition Risk: Continuous revenue recognition is crucial. The Company has policies to develop new projects promptly.
- Investment Risk: All investment projects undergo thorough review by management, investment committee and the Board of Directors.
- Construction Cost Risk: Detailed cost estimates are made at the project's outset and the company has systematic processes to engage in timely review to ensure matching of actual costs.
- Funding Access Risk: The Company maintains a robust financial plan, regularly assessing its ability to secure necessary funding and working capital.
| as of 28/12/23 | CGD | PROP | SET |
|---|---|---|---|
| P/E (X) | 131.92 | 14.51 | 18.42 |
| P/BV (X) | 0.63 | 1.19 | 1.36 |
| Dividend yield (%) | - | 3.56 | 3.32 |
| 28/12/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 2,727.82 | 3,637.10 | 4,050.40 |
| Price (B/Share) | 0.33 | 0.44 | 0.49 |
| P/E (X) | 131.92 | 4.81 | - |
| P/BV (X) | 0.63 | 0.85 | 1.12 |